Global Fixed Cutter Bits Market: Introduction
In the today’s competitive world, drillers are demanding improved processes and equipment in order to add value to their operations. To enhance the efficiency and lower the drilling cost, rigs are expected to deliver maximum energy to the drill bits. The fixed cutter bits must be carefully manufactured and designed without compromising on the efficiency and productivity of complex and expensive drilling systems. PDC bits are the most commonly utilized fixed cutter bits across the globe, owing to their lower cost and improved technology.
Fixed cutter bits have evolved significantly in the recent past beyond the early fishtail and drag designs. Fixed cutter bits are primarily designed to excavate holes by shearing formations as compared to that of gouging formations in the rolling cutter bits. Fixed cutter bits consist of bit bodies and a cutting element. Fixed cutter bits available in the market are manufactured by various materials including natural diamond, thermally stable polycrystalline and polycrystalline diamond compact materials.
Global Fixed Cutter Bits Market: Segmentation
Globally, the fixed cutter bits market can be segmented on the basis of product type, application and drill sizes.
Based on the product type, the global fixed cutter bits market is segmented into:
- Polycrystalline Diamond Compact Bits
- Natural Diamond Bits
Based on the application, the global fixed cutter bits market is segmented into:
- Onshore Drilling
- Offshore Drilling
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Based on the drill sizes, the global fixed cutter bits market is segmented into:
- Small Bits (<10”)
- Medium Bits (10”-20”)
- Large Bits (>20”)
Global Fixed Cutter Bits Market: Drivers and Challenges
Drilling operation is one of the most costly operation in the oil and gas industry. The expenditure for drilling accounted for more than US$ 10.0 Bn in 2017, which was mostly concentrated in development of oil well and exploration activities. The global fixed cutter bits market is closely associated with the consumption and production of petroleum-based products, moreover increasing number of oil well exploration activities is one of the key factors propelling the demand for fixed cutter bits.
Development of low-cost and technologically advanced fixed cutter bits while ensuring maximum productivity and efficiency is found to be one of the key challenges in the global fixed cutter bits market.
Technological advancements in the cutting structure and matrix material, hydraulics and shank length, multilevel force balancing are the key trends identified in the global fixed cutter bits market as they can deliver more than a 20% improvement in the drilling penetration rates. The key manufacturers of fixed cutter bits are involved in the introduction of new products in the market. For instance, in the recent past, Halliburton has introduced its MegaForce advanced fixed cutter drill bits.
Global Fixed Cutter Bits Market: Regional Outlook
Geographically, the global fixed cutter bits market is expected to be dominated by North America, owing to the increasing oil & gas exploration activities across the U.S. The demand for fixed cutter bits in the Middle East & Africa is also expected to grow at a significant rate supported by the conventional oil and gas exploration activities in the UAE, Saudi Arabia, etc. Latin America, spearheaded by Brazil, is expected to grow at moderate rate in the global fixed cutter bits market over the near future. Asia-Pacific and Europe fixed cutter bits markets are projected to witness sluggish growth over the forecast period.
Global Fixed Cutter Bits Market: Key Participants
Examples of some of the key participants operating in the global fixed cutter bits market include Halliburton, Varel International Energy Services, Inc., Schlumberger Limited, Epiroc Deutschland GmbH, THROOP ROCK BIT, USA ROCK BIT, INC., TOOLPUSHER, AGF Machining, Rockpecker Limited, Radiac Abrasives, and BURINTEKH, among others.
The global fixed cutter bits market is expected to be partly fragmented in the nature due to the presence of large number of tier 2 and tier 3 players across the globe.
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